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Forescout Technologies, Inc. (NASDAQ: FSCT) Investor Securities Class Action Lawsuit 06/11/2020

  • If you purchased shares of Forescout Technologies, Inc. (NASDAQ: FSCT), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Forescout Technologies, Inc.
Security
NASDAQ: FSCT

Case Name
Forescout Technologies Shareholder Class Action Lawsuit 06/11/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

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Summary

June 10, 2020 - An investor in shares of Forescout Technologies, Inc. (NASDAQ: FSCT) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Forescout Technologies, Inc. in connection with certain allegedly false and misleading statements made between February 6, 2020 through May 15, 2020.

On Feb. 6, 2020, Forescout Technologies, Inc announced that it had agreed to be purchased by Advent for $1.9 billion, or $33.00 per share. The deal was subsequently approved by shareholders on Apr. 23, 2020. But on Apr. 30, 2020, Spruce Point wrote to Advent, urging it to cancel its purchase of Forescout Technologies, Inc, noting Forescout Technologies, Inc may not have shared internal financial forecasts, including the Company's first-quarter and full-year fiscal 2020 revenue guidance.

Then, on May 12, 2020, Spruce Point wrote again to Advent providing commentary on Forescout's newly-released Q1 results, which affirmed a pessimistic revenue projection and disclosed a restructuring and credit revolver drawdown event. Spruce Point concluded that We remain concerned that Forescout executives may have been aware of the emergence of dramatic, Company-altering headwinds which it never divulged to prospective acquirers, including you.

Finally, on May 18, 2020, Forescout Technologies, Inc announced that Advent had terminated the acquisition. Shares of Forescout Technologies, Inc. (NASDAQ: FSCT) declined from $33.60 per share on February 6, 2020 to as low as $18.10 per share on May 20, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Forescout Technologies, Inc. (NASDAQ: FSCT) common shares between February 6, 2020 through May 15, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between February 6, 2020 through May 15, 2020, the Defendants made materially false and misleading statements and omissions of material facts regarding the significant and disproportionate decline in Forescout’s financial performance and the related risk Forescout’s planned acquisition by Advent International Corp. would not close.